What Would You Do If You Were Given a $200K Budget for Franchise Lead Generation?

Thoughts from industry experts on how to best allocate budget and what trends are driving the decision-making process

SPONSOREDUpdated 2:14PM • 05/23/16

What would you buy if you were given $200,000? It could get you pretty far, depending how you use it. My initial thought would be to live like Kevin McAllister’s parents or buy something completely absurd like some athletes do and purchase three white Bengal tigers for $70,000 each.

Then I would come back to reality, give a portion of it to two charities of my choice, go on a 10-day sabbatical and invest a good amount of it so it could grow.

But invest in what? If a franchisor wants to grow, where does it invest its time and money? The answer is easy. Invest into every opportunity that will add to the growth of your business - franchise lead generation.

Sean Fitzgerald, chief development strategist for No Limit Agency* and former vice president of development for BrightStar Care and Wireless Zone, believes franchisee recruitment budgets should be spent on a varied mix of marketing tactics designed to pull different levers and engage prospects. “Everyone has a different budget, but with $200,000, I would say 30 percent should be used for public relations, 50 percent should be spent on digital and the remaining 20 percent should be dedicated to traditional marketing opportunities,” said Fitzgerald.

With that in mind, we examined a few issues that should always be at the forefront of any franchise recruitment discussion in order to drive the right kinds of leads.

Website

We live in a world surrounded by technology. Everything from laptops and tablets to mobile devices are always within a hand's reach. Why is this important? These are the devices where the typical first encounter with your brand occurs in the franchise recruitment process. Your website is how prospects will initially judge you, and in our ever increasingly mobile-dominated society, it's important that your site is enticing and responsive. A thoughtfully constructed website that is visually engaging and content-rich is imperative to attracting the best leads.

"Your website is your first impression of your franchise opportunity. It needs to be impactful,” said, Fitzgerald. “All of your marketing efforts and the budgets you allocate could be lost on a bad website that is not mobile friendly and eye-catching."

Search

Franchise candidates are doing their due diligence online. They are looking at your digital footprint for months before they ever pick up the phone to call you. If you don’t take ownership of your search results, you are missing one of the most important ways to grow your brand. Successful marketing always begins with how you position your franchise opportunity to prospects and in today’s world that begins with Google. A solid SEO and PPC plan are essential to putting your brand in front of the right prospects along with retargeting to ensure that your message constantly stays in front of potential buyers.

Content Marketing

Every franchise system has great stories to tell, it’s just a matter of how you tell them. There are a lot of people out there who are interested in hearing your story as well as those of your franchisees. They want to know all about you, what you stand for, what your mission is and how you support your system long before they ever consider writing a check to cover their initial investment. You have to remember that you no longer control the first conversation with a prospect. That step has been long lost to the Internet as buyers now manage their own self-directed research. Great content shared at the front end of a prospect’s search is key to delivering the message you want in order to weave and build a visible story about your brand.

Public Relations

Selling a brand means shaping what prospects think of you. Today’s best brands foster two-way conversations, and proactive national and local media relations can help build the credibility you need in order for prospects to want to work with you. Digital, broadcast and print coverage by national and regional news outlets provides the third-party validation that prospects use to make their decisions like no other marketing vehicle. It’s one thing to say you’re great, but when the Wall Street Journal acknowledges your unique selling proposition - that can make all the difference.

In the end, a $200,000 franchise recruitment budget needs to be spent wisely in order to maximize your return on investment. Christine “Chris” Elam, franchise development manager for Smoothie King, believes franchise leads can come from a variety of avenues. “You do not want spread your brand too thin,” Elam said. “Focus on the key triggers that motivate your prospects and make sure you are continually refining your efforts to ensure you’re getting the best return possible.”

In line with Fitzgerald, Elam also believes that an effective franchise recruitment budget should be spread out among public relations, digital and traditional marketing initiatives. Elam also emphasized that for a brand like Smoothie King, in-person meetings and trade shows are still effective means of positioning the brand in front of prospects.

Smoothie King attends shows like the International Franchise Expo in New York City and the Multi-Unit Franchising Conference, but as a part of their budget, they also hold in-house Discovery Days every Friday.

“These ‘in person appearances’ are important as it allows prospects to talk with leaders and understand the brand without having to make a full commitment,” said Elam. “They are able to get a sense of who we are as a team and see what the best option is for them.”

But in today’s on-demand society, Elam recognizes that having an effective digital footprint is essential for communicating with prospects. “People want their questions answered instantly so they can come to a conclusion about their potential business ventures,” said Elam. “It’s vital that your website, social media, public relations, search and traditional marketing are all working together in order to seamlessly communicate your message to prospects where they live, work and play.”

*This brand is a paid partner of 1851 Franchise. For more information on paid partnerships please click here.

What Would You Do If You Were Given a $200K Budget for Franchise Lead Generation?

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